Money.nikaniku.com – GOLD : Daily Technical Analysis July 1, 2022. Good morning readers, Today, GOLD/XAUUSD has an interesting arrangement for our daily exchange. Where since a few days ago, this commodity appears to be in a quite interesting pattern.
Check out XAUUSD in the following Weekly chart:
Judging from the graph above, it can be seen that the commodity price of XAUUSD/GOLD has moved further away from the Black Box Area, where the weakening of the US dollar has dragged gold down as risk currencies are in the spotlight.
For today’s passage review, let’s look at XAUUSD in 1 hour the following outline:
Based on the picture above, I have determined the following intraday Support and Resistance price levels:
Resistance2 (R2) : 1815.82
Resistance1 (R1): 1810.48
Support1 (S1): 1799.57
Support2 (S2): 1794.20
In the graph above, the price of GOLD is heading south again when sentiment has not yet brought support for a place of refuge for Gold, so Bearish can still be said to be in control.
Today, focus on the analysis of the price reaction to the surrounding charted levels to aid the confirmation process while keeping an eye on the latest sentiment around the US dollar and risk appetite. Stay objective!
The Volume Type indicator will help to read the magnitude of the interest in the price for opportunities for direction formation.
The R1 level and the S1 level will also measure how much interest the broker has in this XAUUSD commodity, a breakout at one of these levels will be an indication of a good price direction.
Beware of a consolidation pattern or misleading breakout between the R1 level and the S1 level today.
Don’t assume (Just Trade What You See, Not What you Think).
Well, in my view/prediction, based on the price movement we analyzed above, today we will try to see opportunities for available passage. However, technicals do not allow assumptions to play, so the best passage that can be done is, we will continue to see the CLOSE PRICE movement on the 60 minute candle.
My arrangement for Breakout opportunityGOLD
Purchase: If the price of the 1 Hour close flame breaks the R1 level, then get ready to look for the best BUY Entry position, you can let your position reach the R2 level (the strongest Resistance level today) to see the market reaction to that level to go back up or not.
Sell : If the 1 Hour close light price penetrates the S1 level, then be prepared to look for the best SELL Entry position, you can simply let your position reach the S2 level (the strongest Support level today) to see the market reaction to that level to go back down or not.
My arrangement for Pullback opportunity GOLD
Sell : If the price of the 1 Hour close flame does not penetrate the R1 level (such as forming a bear pin bar), then be prepared to look for the best SELL Entry position, but if the price reaches and breaks this level, prepare to cut misfortune. Can be applied at level R2 as well.
Purchase : If the price of the 1 Hour close flame does not penetrate the S1 level (such as forming a bull pin bar), then prepare to look for the best BUY Entry position, but if the price reaches and breaks this level, then prepare to cut misfortune. Can be applied at S2 level as well.
Use Risk Rewards always insignificant 1:1 or 1:2 and following stop misfortune (manual or automatic) when needed. You can use help and obstruction levels for your analysis reference to determine Stop Loss and perform Cut Loss, stay alert for price consolidation.
Continue to use good cash the board in each section for the continuation of healthy exchanges, hopefully this article can be your reference in analyzing the market.